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Amazon is still a tiny percentage of overall U.S. holiday spending

Amazon (AMZN), arguably one of the most disruptive forces to traditional retailers in the U.S., didn’t take as much wallet share as one might expect during the holiday shopping season, according to a new survey.

Piper Jaffray surveyed 1,000 internet users in the U.S. and found that 50% allocated only 0-10% of their holiday spending to purchases on Amazon. This leaves considerable room for the e-commerce giant to grow.

“The conclusion is that Amazon, despite its size and continued strong growth, is arguably still in the early innings of its share gain potential, even in the company’s most penetrated market,” Piper Jaffray’s Michael Olson wrote in the note. “We reiterate our OW rating on AMZN and raise our price target to $1,400, up from $1,200 previously.”

Piper Jaffray estimates that Amazon’s gross merchandise volume (GMV) for the holiday season was around $42 billion, suggesting that it accounts for only 4% of the estimated $923 billion of overall U.S. holiday spending.

“Considering the U.S. is Amazon’s most penetrated market, we see this low-to-mid single digit market share as a significant positive.”

In December, Amazon said that it had its biggest holiday season, selling enough Calvin Klein products to give five items to every attendee at Coachella 2017, enough Instant Pot pressure cookers to make nine million bowls of chili at once, and enough shoes that if they were lined up, end-to-end would stretch from Alaska to Miami.